Nimesh Kampani, the country’s best-known investment banker, can now safely return to India.
The Andhra Pradesh High Court on Wednesday stayed all proceedings, including a lookout notice issued by the police last year, against him in a case relating to the alleged defrauding of depositors by the Hyderabad-based Nagarjuna Finance Ltd (NFL).
Kampani, 61, chairman of JM Financial, had been an independent director in NFL, which failed to return Rs 98 crore in deposits it had collected from hundreds of depositors.
“He resigned as an independent director in early 1999 and it is an accepted position that NFL started defaulting after he resigned,” his son Vishal Kampani had told HT in March.
Kampani has been away from the country for nearly a year.